I’m 65 with no assets: no investments, no savings etc. I also have zero debt and for the next two years I will have an extra $800.00 a month. What should I do with it?

Pattie says:

Well Richard I would open up a tax free savings account and look to put the money in a good, consistent performing dividend growth fund. I would look on a site like Morningstar.ca and compared all the funds in the dividend category and look for the ones that have consistently performed in the top two categories. This will add to your retirement income you get from the Government and not compromise your GIS.

Elena asks:

I would like to travel this upcoming May with my church group and the cost of the trip is about 7,000. I don’t have the money and I would really like to go as I’m a woman with special needs and I’m feeling well this year. It is my dream and I don’t work and on limited income with a government pension. How can I borrow this money?

Pattie says:

This is so tough because I know how badly you would like to go but sadly you can’t afford it. If you put this on your credit card at 18% and pay only the minimum of 2.5% monthly it will take you over 25 years to pay it back and cost you close to 10,000 in interest alone. When you borrow money from your bank they want to know you aren’t only willing to pay them back but have the ability to pay them back and I’m not sure that you do. I wonder if you can talk to the church group to see if there are some fund raising opportunities or possibly family members who might help you out.

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